Why Small Businesses Should Monitor Gas Prices

March 28, 2015

4:00 pm

Many different small businesses and startups do forecasting and projections to plan for future growth and challenges. In fact, forecasting may be one of the most important things a small business can do. From inventory to staffing, you need to know, more than anything else, where your business is going. Of all of the things that factor into accurate forecasting, it can be difficult to account for some of the unknowns. Do you really know exactly what your sales will be next quarter? Of course not, they are very educated predictions. But have you thought to factor in gas prices? If you are in an industry that requires shipping or delivery, then possibly; but if you don’t, then this big factor may have never even crossed your mind.

Gas prices heavily influence the prices at which big businesses offer their products to consumers. Throughout their entire supply chain, a few cents here and there make a substantial difference. Large companies are more elastic and have the ability to quickly adapt to these chances lowering and raising prices, sometimes as frequently as multiple times throughout a single day. What does this mean for you?

This means that when gas prices are fluctuating, you might have a difficult time keeping up with the pricing strategies of big businesses.  National Funding created this infographic to show you just that. Small businesses contribute countless benefits to society, yet dealing with fluctuating gas prices has been reported to heavily affect their forecasting and decisions.  According to this wonderful infographic, small businesses are able to easily operate whether gas prices are high or low, it’s when they are fluctuating is when small businesses see difficulty. So whether you own a small business or startup or considering to, make sure to research and account for gas prices.

Gas Prices Affect Small Business and the Economy

This infographic was brought to you by National Funding

Gas pump Image credit: Flickr/Vincent Lock

Did you like this article?

Get more delivered to your inbox just like it!

Sorry about that. Try these articles instead!

This article was contributed by Chris Beck who is a Content Producer/contributor and also a well published freelance writer in the insurance and tech space. Originally from Asheville, NC and a University of South Carolina Alum. I am also an avid Gamecock sports follower... I have a family of four including a twin brother, 6 if you include our Fox Hound and German Shepard.

Leave a Reply

  • (will not be published)